Market Cap: $2,905,692,986,217
24h Vol: $64,980,493,784
Cryptocurrencies: 26009
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Cryptocurrencies: 26009
Markets: 101336
Market Cap: $2,905,692,986,217     
24h Vol: $64,980,493,784
Seeking Alpha 2022-11-14 19:23:15

Crypto.com has small FTX exposure, strong balance sheet, CEO says

Crypto.com has small FTX exposure, strong balance sheet, CEO says
Crypto.com's exposure to failed cryptocurrency exchange FTX is minimal and its balance sheet remains robust, Kris Marszalek, the Singapore-based crypto exchange's CEO, said during a recent interview . Specifically, Marszalek said his company's FTX exposure was limited to $10M after recovering $990M from the latter at an earlier date. The exchange revealed last week proof of its reserves showing around 20% of its assets consisted of meme coin Shiba Inu ( SHIB-USD ). That's Crypto.com's second-biggest holding because that's what its customers trade, the CEO said, adding that all of its assets are backed one-to-one vs. customer deposits. His remarks come as market participants become wary about Crypto.com's solvency risk and potentially becoming the next FTX. Its CRO token has been slashed in half just in the past seven trading sessions, from ~$0.12 to ~$0.06 at the time of writing. Previously, (Nov. 9) Crypto.com pauses deposits, withdrawals, of USDC and USDT on the Solana network .
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